----

----

| DELAWARE                             | 77-0313235               |
|--------------------------------------|--------------------------|
| (State      or other jurisdiction of | (I.R.S.      Employer    |
| incorporation      or organization)  | Identification      No.) |

| 550      S. Hope Street, Suite 2850           |            |
|-----------------------------------------------|-----------------|
| Los      Angeles, CA                          | 90071           |
| (Address      of principal executive offices) | (Zip      Code) |

|  Title      of Each Class               | Name      of Each Exchange on Which Registered |
|----------------------------------------------|------------------------------------------------|
| Common      Stock, par value $0.01 per share | The      NASDAQ Stock Market LLC               |

----

----

|          |                                                                                                     |   |
|---------------|----------------------------------------------------------------------------------------------------------|--------|
| Part III      |                                                                                                     |   |
|          |                                                                                                     |   |
| Item      10. | Directors, Executive Officers and Corporate      Governance                                              | 1      |
|          |                                                                                                     |   |
| Item      11. | Executive Compensation                                                                                   | 9      |
|          |                                                                                                     |   |
| Item      12. | Security      Ownership of Certain Beneficial Owners and Management and      Related Stockholder Matters | 21     |
|          |                                                                                                     |   |
| Item      13. | Certain      Relationships and Related Transactions, and Director Independence                           | 25     |
|          |                                                                                                     |   |
| Item      14. | Principal Accounting Fees and Services                                                                   | 26     |
|          |                                                                                                     |   |
| Part IV       |                                                                                                     |   |
|          |                                                                                                     |   |
| Item      15. | Exhibits, Financial Statements and      Schedules                                                        | 26     |
|          |                                                                                                     |   |

| SIGNATURES    | 27     |
|---------------|--------|
|          |   |
| EXHIBIT INDEX | 28     |
|          |   |

PARTIII

ITEM 10.  Directors, Executive Officers and CorporateGovernance

| Name                       | Age    | Position with Cadiz                                  |
|----------------------------|--------|------------------------------------------------------|
|                       |   |                                                 |
| Keith  Brackpool | 51     | Chairman      of the Board,                          |
|                       |   | President      and Chief Executive Officer           |
|                       |   |                                                 |
| Murray      H. Hutchison   | 70     | Director                                             |
|                       |   |                                                 |
| Timothy      J. Shaheen    | 49     | Director,      Chief Financial Officer and Secretary |
|                       |   |                                                 |
| Stephen      J. Duffy      | 55     | Director                                             |
|                       |   |                                                 |
| Winston      H. Hickox     | 66     | Director                                             |
|                       |   |                                                 |
| Geoffrey      Grant        | 47     | Director                                             |
|                       |   |                                                 |
| Raymond      J. Pacini     | 53     | Director                                             |
|                       |   |                                                 |
| Stephen      E. Courter    | 54     | Director                                             |

| Name                     | Age    | Position with Cadiz                                |
|--------------------------|--------|----------------------------------------------------|
|                     |   |                                               |
| Richard      E. Stoddard | 58     | Assistant      Secretary, Chairman of the Board of |
|                     |   | Managers      and CEO of Cadiz Real EstateLLC      |

     As of December31, 2008, the Audit Committee is composed of Raymond J. Pacini, Stephen E.Courter, Stephen J. Duffy and Winston H. Hickox.

Section16(a) Beneficial Ownership Reporting Compliance

ITEM11.  Executive Compensation

| Name and Principal Position(1)                                                         | Year               | Salary($)                   | Bonus($)                 | StockAwards($)                                                | OptionAwards(2)($)   | All OtherCompensation(3)($)           | Total($)                                          |
|----------------------------------------------------------------------------------------|--------------------|-----------------------------|--------------------------|---------------------------------------------------------------|----------------------|--------------------------------------------|---------------------------------------------------|
|  Keith      BrackpoolChairman,      Principal Executive Officer and President     |  200820072006 |  400,000400,000250,000 |  ---                |         2,289,923(4)1,398,861(4)451,475             |  --203,917      |  45,43129,45714,991                   |  2,735,3541,828,318        920,383 |
|  Timothy      J. ShaheenPrincipal Financial Officer and Secretary(5)              |  200820072006 |  14,000--              |  ---                |          18,877(6)--                           |  ---            |           180,000(7)-- |  212,877--                                   |
|  O'Donnell      Iselin IIFormer Principal Financial Officer and      Secretary(8) |  200820072006 |  154,863165,000165,000 |  20,00020,00041,250 |  ---                                                     |  -65,697218,990 |  33,7987,7426,599                     |  208,661258,439431,839                       |
|  Richard      E. StoddardChairman,      Cadiz Real Estate LLC                     |  200820072006 |  300,000300,000250,000 |  ---                |           1,868,427(9)1,913,754(9)451,475 |  --203,917      |  ---                                  |  2,168,4272,213,754        905,392 |

| (1) | The      executive officers listed in the Summary Compensation Table above are our      only executive officers. |
|-----|------------------------------------------------------------------------------------------------------------------|

| (2) | This      amount discloses the dollar amount of compensation cost recognized for the      respective fiscal year in accordance with FAS 123R. The assumptions used      to value the stock options were disclosed in note 10 to the Company’s      consolidated financial statements contained in its Annual Report on Form      10-K for the year ended December 31, 2008 and are incorporated herein      by reference.   All amounts shown for Mr. Iselin pertain to      stock options that have sinceexpired. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | All      Other Compensation includes a 401k match that is generally available to      all employees.  Messrs. Brackpool and Iselin received $15,730      and $7,661, respectively, in 401k matching contributions in      2008.  In 2008, Mr. Brackpool’s Other Compensation also includes      $27,495 of company paid expenses related to a leased automobile and $2,205      related to life insurance.  Mr. Iselin’s Other Compensation for      2008 includes $6,000 in a car allowance and $20,137 in severance benefits      consisting of the continuation of his base salary from the November 19,      2008 effective date of the termination of employment with us through the      end of the fiscal year.  The value of perquisites for each of      the other executive officers was less than $10,000, and thus no amount      relating to perquisites is included in the Summary Compensation      Table. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | All      of the amount shown pertains to shares of Milestone-Based Deferred Stock,      none of which vested because the milestone conditions, tied to the trading      price of our stock, were not satisfied prior to the expiration of the      milestone period.  This column discloses the dollar amount of      compensation cost recognized in the respective fiscal year in accordance      with FAS 123R. The assumptions used to value the stock are disclosed in      note 10 to the Company’s consolidated financial statements contained in      its Annual Report on Form 10-K for the year ended December 31, 2008      and are incorporated herein byreference. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Mr.      Shaheen became our Chief Financial Officer and Secretary effective      November 19, 2008. |
|-----|-----------------------------------------------------------------------------------------------------|

| (6) | In      2008 Mr. Shaheen received shares of stock under our Outside Director      Compensation Program for services performed as a non-employee      director.  The amount shown in this column for Mr. Shaheen      represents the dollar amount of compensation cost recognized in 2008 in      accordance with FAS 123R. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Mr.      Shaheen received cash fees in the amount of $30,000 in 2008 for his      services as a non-employee director of Cadiz.  Additionally,      effective January 1, 2008, Mr. Shaheen received compensation at the rate      of $12,500 per month for agricultural management consulting services      pursuant to a Consulting Agreement between Cadiz and AG Derivatives,      L.L.C., a California limited liability company.  Mr. Shaheen is      the sole member and manager of AG Derivatives, LLC.  See      “Certain Relationships and Related Transactions",  below. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Mr.      Iselin served as our Chief Financial Officer and Secretary until November      19, 2008. |
|-----|---------------------------------------------------------------------------------------------------|

| (9) | $763,308      of the amount shown for Mr. Stoddard in 2008 and $466,287 of the amount      shown for Mr. Stoddard in 2007, pertains to shares of Milestone-Based      Deferred Stock, none of which vested because the milestone conditions,      tied to the trading price of our stock, were not satisfied prior to the      expiration of the milestone period.  This column discloses the      dollar amount of compensation cost recognized in the respective fiscal      year in accordance with FAS 123R. The assumptions used to value the stock      options are disclosed in note 10 to the Company’s consolidated financial      statements contained in its Annual Report on Form 10-K for the year ended      December 31, 2008 and are incorporated herein by      reference. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Grantsof Plan-Based Awards

|                                 |   |          |   | Estimated      PossiblePayouts Under Non-Equity      Incentive Plan Awards ($) |   | Estimated      FuturePayouts      UnderEquity      IncentivePlan      AwardsTarget(#) Shares |   | All      OtherStock      Awards:Number      ofSecurities(#) |   |           |   |    |
|--------------------------------------|--------|---------------|--------|-------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------|--------|----------------|--------|---------|
|                                 |   |          |   | Exercise      orBase      Price ofOption      Awards($/Sh)                          |   | Grant      DateFair      Valueof      OptionAwards($)                                        |
| Name                                 |   | GrantDate(1)  |   | Target($)                                                                           |   | Maximum($)                                                                                   |
| (a)                                  |   | (b)           |   | (d)                                                                                 |   | (e)                                                                                          |   | (g)                                                         |   | (j)            |   | (k)     |   | (i) |
|  Keith      Brackpool           |   |  -       |   |  -                                                                             |   |  -                                                                                      |   |  -                                                     |   |  -        |   |  - |   |  - |
|  Timothy      J. Shaheen        |   |  6/30/08 |   |  -                                                                             |   |  -                                                                                      |   |  -                                                     |   |  1,171(2) |   |  - |   |  - |
|  O’Donnell      Iselin II |   |  -       |   |  -                                                                             |   |  -                                                                                      |   |  -                                                     |   |  -        |   |  - |   |  - |
|  Richard      E. Stoddard       |   |  -       |   |  -                                                                             |   |  -                                                                                      |   |  -                                                     |   |  -        |   |  - |   |  - |

| (1)    | The      grant date set forth in this table is the date the grants became      effective.                                                                                                                                                                                                                  |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                       |
| (2)    | These      shares constitute the 1,171 shares granted to Mr. Shaheen under Cadiz’      Outside Director Compensation Plan for services rendered by Mr. Shaheen as      a non-employee director of Cadiz during the 12 month period ended June 30,      2008, which shares vested on January 31,2009. |

|                        |    | Option      Awards                                         |    | Stock      Awards                                            |
|-----------------------------|--------------|------------------------------------------------------------|--------------|--------------------------------------------------------------|
| Name                   |    | SecuritiesUnderlyingUnexercisedOptions      (#)Exercisable |    | SecuritiesUnderlyingUnexercisedOptions      (#)Unexercisable |    | OptionExercisePrice ($) |    | OptionExpirationDate |    | Shares ofStock ThatHave      NotVested(#) |    | MarketValue      ofSharesThat      HaveNotVested ($)(1) |
| Keith      Brackpool(2)     |    | 100,000                                                    |    | -                                                            |    | 12.00 |    | 5/4/15 |    | - |    | - |
|                        |         |                                                       |         |                                                         |   |   |
| Timothy      J. Shaheen     |         | -                                                          |         | -                                                            |   | - |   | - |   | - |   | - |
|                        |         |                                                       |         |                                                         |   |   |   |   |   |   |   |   |
| O'Donnell      Iselin II(3) |    | -                                                          |    | -                                                            |    | - |    |  - |    | - |    | - |
|                        |         |                                                       |         |                                                         |   |   |
| Richard      E. Stoddard(4) |    | 100,000                                                    |    | -                                                            |    | 12.00 |    | 5/4/15 |    | 50,000(5) |    | 625,500 |

| (1) | Valued      at the $12.51 closing price per share on the NASDAQ Global Market on      December 31, 2008.                                                                                                                                                                                             |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Does      not include 600,000 shares of stock underlying Milestone-Based Deferred      Stock granted to Mr. Brackpool, none of which vested because the milestone      conditions, tied to the trading price of our stock, were not satisfied      prior to the expiration of the milestone period.  |
| (3) | Does      not include 40,000 options granted to Mr. Iselin with an exercise price of      $17.25 per share which, by the terms of the option grants, expired three      months after his employment with the Company terminated.                                                                     |
| (4) | Does      not include 200,000 shares of stock underlying Milestone-Based Deferred      Stock granted to Mr. Stoddard, none of which vested because the milestone      conditions, tied to the trading price of our stock, were not satisfied      prior to the expiration of the milestone period.   |
| (5) | These      shares represent the shares of time-based deferred stock issued to Mr.      Stoddard under the 2007 Incentive Plan, which vested on January 1,      2009.                                                                                                                                      |

OptionExercises and Stock Vested

|                           |         | Option Awards                            |         | Stock Awards                                 |
|--------------------------------|--------------|------------------------------------------|--------------|----------------------------------------------|
| Name                           |    | Shares Acquiredon      Exercise (#) |    | Value Realizedon Exercise ($) |    | Shares Acquiredon      Vesting (#) |    | Value Realizedon Vesting ($)(1) |
|  Keith      Brackpool     |    | —                                  |    | —                                      |    | — |    | — |
|  Timothy      J. Shaheen  |         | —                                  |         | —                                      |   | 876(2) |   | 15,505 |
|  O'Donnell      Iselin II |    | —                                  |    | —                                      |    | —   |    | —   |
|  Richard      E. Stoddard |    | —                                  |    | —                                      |    | 50,000(3) |    | 1,007,500 |

| (1) | Value      realized equals the price per share of Cadiz common stock measured as the      closing price of the stock on the vesting date multiplied by the number of      shares received on vesting.                                                                                            |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | These      shares represent the shares of deferred stock issued to Mr. Shaheen under      Cadiz’ Outside Director Compensation Plan for his services as a      non-employee director of Cadiz during the 12 month period ended June 30,      2007, which vested on January 31, 2008.  |
| (3) | These      shares represent the shares of time-based deferred stock issued to Mr.      Stoddard under the 2007 Incentive Plan, which vested on January 1,      2008.                                                                                                                                  |

EmploymentArrangements

PotentialPayments Upon Termination or Change in Control

| Name                |   | Benefit               |   | Termination without Cause orResignation upon      Company Material Breach ($) |            | Death      orDisability ($)                                                |   | Termination Following      Changeof      Control ($)                                   |      |
|--------------------------|--------|----------------------------|--------|---------------------------------------------------------------------------------------------------|-----------------|---------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------|-----------|
| Keith      Brackpool     |   | Salary                     |   | -                                                                                                 |            | -                                                                               |   | -                                                                                           |      |
|                     |   | Bonus                      |   | -                                                                                                 |            | -                                                                               |   | -                                                                                           |      |
|                     |   | Equity Acceleration   |   | -                                                                                                 |            | -                                                                               |   | -                                                                                           |      |
|                     |   | Benefits Continuation |   | -                                                                                                 |            |            -             |   |                - |      |
|                     |   | Total      Value           |   | -                                                                                                 |            | -                                                                               |   | -                                                                                           |      |
|                     |   |                       |   |                                                                                              |            |                                                                            |   |                                                                                        |      |
| Timothy      J. Shaheen  |   | Salary                     |   | -                                                                                                 |            | -                                                                               |   | -                                                                                           |      |
|                     |   | Bonus                      |   | -                                                                                                 |            | -                                                                               |   | -                                                                                           |      |
|                     |   | Equity Acceleration   |   | -                                                                                                 |            | -                                                                               |   | -                                                                                           |      |
|                     |   | Benefits Continuation |   |              -                   |            |            -             |   |                - |      |
|                     |   | Total      Value           |   | -                                                                                                 |            | -                                                                               |   | -                                                                                           |      |
|                     |   |                       |   |                                                                                              |            |                                                                            |   |                                                                                        |      |
|                     |   |                       |   |                                                                                              |            |
| O'Donnell      Iselin II |   | Salary                     |   | 86,002                                                                                            |  (1)  | -                                                                               |   | -                                                                                           |      |
|                     |   | Bonus                      |   | -                                                                                                 |            | -                                                                               |   | -                                                                                           |      |
|                     |   | Equity Acceleration   |   | -                                                                                                 |            | -                                                                               |   | -                                                                                           |      |
|                     |   | Benefits Continuation |   |   6,400                                                                                 | (2)        |            -             |   | -                                                                                           |      |
|                     |   | Total      Value           |   | 92,402                                                                                            |            | -                                                                               |   | -                                                                                           |      |
|                     |   |                       |   |                                                                                              |            |
| Richard      E. Stoddard |   | Salary                     |   | -                                                                                                 |            | -                                                                               |   | -                                                                                           |      |
|                     |   | Bonus                      |   | -                                                                                                 |            | -                                                                               |   | -                                                                                           |      |
|                     |   | Equity Acceleration   |   | -                                                                                                 |            | -                                                                               |   | 625,500                                                                                     | (3)  |
|                     |   | Benefits Continuation |   |              -                   |            |              - |   | -                                                                                      |      |
|                     |   | Total      Value           |   | -                                                                                                 |            | -                                                                               |   | 625,500                                                                                |      |

| (1) | Based      on the actual severance amounts due Mr. Iselin due to his termination of      employment on November 19, 2008. |
|-----|---------------------------------------------------------------------------------------------------------------------------|

| (2) | The      benefits amount includes a car allowance and 401(k) matching benefits for      the six month period commencing November 19, 2008 and ending May 18,      2009. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Valued      at the $12.51 closing price per share on the NASDAQ Global Market on      December 31, 2008. |
|-----|----------------------------------------------------------------------------------------------------------|

DirectorCompensation

| Name                |    | Fees Earnedor Paid in Cash ($) |    | StockAwards ($)(1) |    | OptionAwards ($)(2) |    | Total ($) |
|--------------------------|--------------|---------------------------------------------------------|--------------|-------------------------|--------------|--------------------------|--------------|----------------|
| Stephen      E. Courter  |         | 7,500                                                   |         | -                       |         | -                        |         | 7,500          |
| Stephen      J. Duffy    |    | 30,000                                                  |    | 18,877                  |    | -                        |    | 48,877         |
| Geoffrey      Grant      |    | 30,000                                                  |    | 18,877                  |    | -                        |    | 48,877         |
| Winston      H. Hickox   |    | 30,000                                                  |    | 18,877                  |    | -                        |    | 48,877         |
| Murray      H. Hutchison |    | 30,000                                                  |    | 18,877                  |    | -                        |    | 48,877         |
| Raymond      J. Pacini   |    | 30,000                                                  |    | 18,877                  |    | -                        |    | 48,877         |

| (1) | This      column discloses the dollar amount of compensation cost recognized in 2008      in accordance with Financial Accounting Standards Board Statement of      Financial Accounting Standards No. 123 (revised 2004) (“FAS 123R”),      excluding forfeiture assumptions. These awards were valued at the market      value of the underlying stock on the date of grant in accordance with FAS      123R. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Directors      of the Company do not receive stock option  awards. |
|-----|--------------------------------------------------------------------|

ITEM12.  Security Ownership of Certain Beneficial Owners and Managementand Related Stockholder Matters

|  Name and Address                                                                                                                                                                                                                                                        | Amount      and Nature ofBeneficial Ownership | Percentof Class               |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------|-------------------------------|
|  LC      Capital Master FundLC      Capital Partners LPLC      Capital Advisors LLCLC      Capital International LLCSteven      LampeRichard      F. Conwayc/o      Lampe, Conway & Co., LLC680      Fifth Avenue, 12th      FloorNew      York, New York 10019-5429 |  2,561,947(1)                       |  17.70%             |
|                                                                                                                                                                                                                                                                          |                                          |                          |
| FMR      LLC82      Devonshire StreetBoston      MA 02109                                                                                                                                                                                                                     | 1,140,326(2)                                  | 9.12%                         |
|                                                                                                                                                                                                                                                                          |                                          |                          |
| Pictet      Asset Management SA60      Route Des AcaciasGeneva      73Switzerland      CH-12 11                                                                                                                                                                               | 932,769(3)                                    | 7.46%                         |
|                                                                                                                                                                                                                                                                          |                                          |                          |
| PersistencyPersistency      Capital LLCAndrew      Morris1270      Avenue of the AmericasSuite      2100New      York, NY 10020                                                                                                                                               | 930,426(4)                                    | 7.44%     |
|                                                                                                                                                                                                                                                                          |                                          |                          |
| Bedford      Oak Advisors, LLCBedford      Oak Partners, LPHarvey      P. Eisen100      South Bedford RoadMt.      Kisco, NY 10549                                                                                                                                            | 879,100(5)                               | 7.03%                    |
|                                                                                                                                                                                                                                                                          |                                          |                          |
| Frost      Gamma Investment Trust4400      Biscayne BlvdMiami,      FL 33137                                                                                                                                                                                                  | 732,187(6)                                    | 5.85%                         |
|                                                                                                                                                                                                                                                                          |                                          |                          |
| Keith      Brackpoolc/o      550 S. Hope St., Suite 2850Los      Angeles, CA 90071                                                                                                                                                                                            | 132,436      (7)                              | 1.05%                         |
|                                                                                                                                                                                                                                                                          |                                          |                          |
| Richard      E. Stoddardc/o      550 S. Hope St., Suite 2850Los      Angeles, CA 90071                                                                                                                                                                                        | 235,311(8)                                    | 1.87%                         |

| Timothy      J. Shaheenc/o      550 S. Hope St., Suite 2850Los      Angeles, CA 90071 | 10,906           | *      |
|---------------------------------------------------------------------------------------|------------------|--------|
|                                                                                  |             |   |
| Murray      Hutchisonc/o      550 S. Hope St., Suite 2850Los      Angeles, CA 90071   | 12,256           | *      |
|                                                                                  |             |   |
| Raymond      J. Pacinic/o      550 S. Hope St., Suite 2850Los      Angeles, CA 90071  | 3,557            | *      |
|                                                                                  |             |   |
| Stephen      J. Duffyc/o      550 S. Hope St., Suite 2850Los      Angeles, CA 90071   | 2,047            | *      |
|                                                                                  |             |   |
| Winston      H. Hickoxc/o      550 S. Hope St., Suite 2850Los      Angeles, CA 90071  | 1,828            | *      |
|                                                                                  |             |   |
| Geoffrey      Grantc/o      550 S. Hope St., Suite 2850Los      Angeles, CA 90071     | 1,609            | *      |
|                                                                                  |             |   |
| Stephen      Courter                                                                  | 0                | *      |
| c/o      550 S.  Hope Street, Suite 2850                                    |             |   |
| Los      Angeles, CA 90071                                                            |             |   |
|                                                                                  |             |   |
| O’Donnell      Iselin                                                           | 0(9)             | *      |
| c/o      550 S. Hope Street, Suite 2850                                               |             |   |
| Los      Angeles, CA 90071                                                            |             |   |
|                                                                                  |             |   |
| All      Directors and officers as a group(nine      individuals)                     | 399,950(7)(8)(9) | 3.15%  |

|   | * | Represents      less than one percent of the 12,510,236 outstanding shares of common stock      of Cadiz as of the record date. |
|--------|---|---------------------------------------------------------------------------------------------------------------------------------|

Footnotes

| (1)   | Based      upon correspondence with Lampe, Conway & Co., LLC and Cadiz corporate      records, the related entities beneficially own an aggregate of 2,561,947      shares of Cadiz common stock as of April 16, 2009. This includes the right      to acquire 1,769,095 shares of common stock of Cadiz upon the conversion      of the principal and interest of the loan under our credit facility, and      the right to acquire 192,000 shares through the exercise of warrants      issued by Cadiz as part of its November 2008 private      placement. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Based      upon a Schedule 13G/A filed with the SEC on February 17, 2009 by FMR LLC      (“FMR”), FMR LLC and its affiliated entities beneficially own an aggregate      of 1,140,326 shares of Cadiz common stock, and have sole voting and      dispositive power of the stock.  According to the Schedule      13G/A, the shares of common stock listed include: (i) 100 shares      beneficially owned by Fidelity Management & Research Company      ("Fidelity"), a wholly owned subsidiary of FMR and a registered investment      advisor, as a result of acting as investment advisor to several registered      investment companies and (ii) 1,073,118 shares beneficially owned by      Fidelity Special Situation, one of the investment      companies.  According to the Schedule 13G, Edward C. Johnson 3rd      and FMR each has sole power to dispose of the shares beneficially owned by      the investment funds, and neither FMR nor Mr. Johnson has the sole power      to vote or direct the voting of the shares beneficially owned by the      Fidelity funds, which power resides with the funds' Board of Trustees.      Fidelity carries out the voting of the shares under written guidelines      established by the funds' Board of Trustees. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Based      upon a Schedule 13G/A filed with the SEC on February 11, 2009 and Cadiz      corporate records of stock issuances, Pictet Asset Management SA      beneficially owns an aggregate of 932,769 shares of Cadiz common stock and      has sole voting and dispositive power of the  stock. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | Based      upon a Schedule 13G/A filed on February 13, 2009 with the SEC, the listed      related entities beneficially own an aggregate of 930,426 shares of Cadiz      common stock. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5)   | Based      upon a Schedule 13F-HR filed with the SEC on August 18, 2008 and      correspondence with Bedford Oak Advisors LLC,  the listed      related entities beneficially own an aggregate of 879,100 shares of Cadiz      common stock. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6)   | Based      upon a Schedule 13G/A filed on February 11, 2009 with the SEC, Frost Gamma      Investment Trust beneficially owns an aggregate of 732,187 shares of Cadiz      common stock and has sole voting and dispositive power of the      stock. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7)   | Includes      100,000 shares underlying presently exercisable  options. |
|-----------------|-------------------------------------------------------------------------|

| (8)   | Includes      50,000 shares previously granted under Cadiz’ 2007 Management Incentive      Plan that will vest in January 2010 and 100,000 shares underlying      presently exercisable options. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9)   | Mr.      Iselin served as our Chief Financial Officer and Secretary until November      19, 2008.  Mr. Iselin is included in the table because he served      as Cadiz’ Chief Financial Officer for a part of fiscal year 2008 and is      therefore included as a named executive officerin the Summary Compensation      Table for fiscal 2008. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

EquityCompensation Plan Information

| Plan      Category                                            | Number      of securities to be issued upon exercise of outstanding options, warrants      and rights(a) |   |  Weighted-average      exercise price of outstanding options, warrants and rights(b) |   | Number      of securities remaining available for future issuance under equity      compensation plans (excluding securities reflected in column      (a))(c) |
|---------------------------------------------------------------|----------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  Equity      compensation plans approved by stockholders |  10,000                                                                                             |   |  $18.99                                                                              |   |  90,000                                                                                                                                                  |
|                                                          |                                                                                                     |   |                                                                                      |   |                                                                                                                                                          |
| Equity      compensation plans not approved by stockholders   | 315,000(1)                                                                                               |   | $12.09                                                                                    |   | 0                                                                                                                                                             |
|                                                          |                                                                                                     |   |                                                                                      |   |                                                                                                                                                          |
| Total                                                         | 325,000(2)                                                                                               |   | $12.31                                                                                    |   | 0                                                                                                                                                             |

|     (1)  | Represents      315,000 options outstanding as of 12/31/08 under Cadiz' 2003 Management      Equity Incentive Plan.                                                                                                               |
|-----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|     (2)  | Does      not include 40,000 options granted to Mr. Iselin with an exercise price of      $17.25 per share which, by the terms of the option grants, expired three      months after his employment with the Company terminated.  |

ITEM13.  Certain Relationships and Related Party Transactions, andDirector Independence

ITEM14.  Principal Accountant Fees and Services

ITEM 15.  Exhibits, Financial StatementSchedules

SIGNATURES

| CADIZ      INC. |
|-----------------|
|            |
| By:             | /s/ Keith      Brackpool                                      |
|            | Keith      Brackpool, |
|            | Chairman      and Chief Executive Officer |
|            |   |
| Date:           | April      30, 2009 |

| Name      and Position                                  | Date           |
|---------------------------------------------------------|----------------|
|                                                    |           |
|  /s/ Keith Brackpool                               | April 30, 2009 |
| Keith      Brackpool, Chairman and                      |           |
| Chief      Executive Officer                            |           |
|  (Principal      Executive Officer)                |           |
|                                                    |           |
| /s/ Timothy J. Shaheen                                  | April 30, 2009 |
| Timothy      J. Shaheen, Chief Financial Officer        |           |
|  (Principal      Financial and Accounting Officer) |           |
|                                                    |           |
|  /s/ Stephen J. Duffy                              | April 30, 2009 |
| Stephen      J. Duffy, Director                         |           |
|                                                    |           |
|  /s/ Geoffrey Grant                                | April 30, 2009 |
| Geoffrey      Grant, Director                           |           |
|                                                    |           |
|  /s/ Winston H. Hickox                             | April 30, 2009 |
| Winston      H. Hickox, Director                        |           |
|                                                    |           |
|  /s/ Murray H.    Hutchison                        | April 30, 2009 |
| Murray      H. Hutchison, Director                      |           |
|                                                    |           |
|  /s/ Raymond J. Pacini                             | April 30, 2009 |
| Raymond      J. Pacini, Director                        |           |
|                                                    |           |
|  /s/ Stephen E.Courter                             | April 30, 2009 |
| Stephen      E. Courter, Director                       |           |

|   | EXHIBIT INDEX |
|--------|---------------|

|   | 23.1 | Consent      of Independent Registered Public AccountingFirm |
|--------|------|--------------------------------------------------------------|

|   | 31.1 | Certification      of Keith Brackpool, Chairman and Chief Executive Officer of Cadiz Inc.      pursuant to Section 302 of the Sarbanes-Oxley Act of  2002 |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 31.2 | Certification      of Timothy J. Shaheen, Chief Financial Officer and Secretary of Cadiz Inc.      pursuant to Section 302 of the Sarbanes-Oxley Act of  2002 |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|